Want to get rid of CreditOne and pursue getting a Navy Federal Credit Union Rewards Card.

[Jolonco]

I've been contemplating getting rid of my Credit One Bank card. I got the card back in 2002 (they were First Natl Bank of Marin back then) when my credit was garbage (low 500's), and it was my only card until 2012. Funny story, I paid them $200 for a $300 limit. I've never missed a payment on that card, and considering that they don't allow automatic payments, I am impressed with myself on that one.

Right now, my credit scores are in the 720-740's, but I'm concerned with closing my oldest account and that I'll lose the benefit of longevity. 

I also have a Chase/IGH rewards card (I travel a lot for the Military, I and I appreciate the Platinum status at Holiday Inn hotels) with a higher utilization ($8k bal on $12k SL), and a Navy Exchange card ($1k bal on $7.5k SL). My Credit One Bank card has a measly $100 bal on a $2.2K SL). I do have a Mortgage through Navy Federal initiated June 2016, and I have an auto loan through a local Credit Union initiated March 2017.

I've looked at the Delta Skymiles Amex, and other cards for travel, but I'm more interested in finding a good card with a balance transfer option, like the NFCU rewards card that would take the interest down on the balance I have with the Chase card. The advert that I got on the NFCU card shows zero annual fee, which is hugely appealing as my annual fee with the Credit One Bank card is $99/yr and other cards like the Delta Skymiles card show huge annual fees as well. Yes, they have some excellent benefits, but when I'm trying to whittle down debt, it doesn't seem like a good idea to take on a card with higher annual fees.

So, my questions are:

1. Will closing my oldest account have a negative impact on my credit rating (oldest by 10 years).

2. Which credit cards are best for Balance Transfers that maintain low interest rates and low (or zero) annual fees.

3. Any additional recommendations?

[Anonymous]

1. Please close that Credit One account. Regardless of it being the oldest card in your line up, that $99 annual fee is robbery. The trade line will continue to report for up to 10 years which will be factored into your Average Age of Account (AAoA). So closing it now will not effect you at all. In 10 years when it falls off it will probably drop your score a little but think about all your other trade lines that you've opened, they will also be 10 years older which will help offset any adversity to your AAoA. I am not sure of your age (at least 33 if you have a 15 year old account), but you are already established and have a mortgage, you really wont have to worry about every little thing with your credit in 10 years when you are in your 40s, 50s and beyond.

2. There are tons of 0% intro APR balance transfer cards on the market; Citi offers two with the intro period at 21 months Simplicity and Diamond Preferred. Chase has the Slate which offers 0% for 15 months and unlike Citi, does not charge a balance transfer fee. However, these cards are all pretty much useless after the intro period wears off. Slate and Diamond Preferred can be PCed to something else but Simplicity cannot.

3.NFCU offers the Platinum card at (currently) 6.99% if you qualify. That is for purchases and balance transfers. That rate will change with Prime Rate increases but it is still a good, low rate. 

4. Call Credit One now! Throw that card to the curb along with the turkey carcas! 

[AverageJoesCredit]

Im not sure if im more impressed that op has a Credit One card for 10 years or that he/she got it over 2k

[Anonymous]

Pay Credit1 the balance due and close the card and submit app to NFCU. 

[Anonymous]

Get rid of Credit One!!! It served it's purpose and you have outgrown it. Close it and don't look back!

[AverageJoesCredit]

We have a Credit One DOWN!

Dang NavyFederal Pirates

[Anonymous]

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@AverageJoesCredit wrote:
We have a Credit One DOWN!

Dang NavyFederal Pirates

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I totally agree matey. Credit One well, arrgghhhhh

[joltdude]

Eugh.. You have two evil cards not just one... you have an Exchange card and a Credit One....

Please... login to Navy Fed... and app for a card...

Pay off the Credit One and close it... For the love of myfico.......

But watch out for trailing interest on the Credit One.... after you pay it off.. CHECK for trailing interest in a week or two after closing..

Id also pay off the exchange card as soon as possible...

-J

[joltdude]

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@AverageJoesCredit wrote:
Im not sure if im more impressed that op has a Credit One card for 10 years or that he/she got it over 2k

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Actually iv heard rumours and vaguely recall older folks on myfico saying when they were Bank of Marlin that some folks had cards up to 4K... could be wrong on the exact amt but i thought you could go up to 4K with the original Bank of Marlin....